Sector Update | 21 November 2017
Sector Update | Financials
Financials - NBFC
Technology
MSME financing for NBFCs faster
than banks resulting in higher
share for NBFCs (%)
Banks (%)
8
NBFC (%)
MSME lending – Challenging outlook
LAP losing its sheen; some dilution in underwriting standards
CRISIL conducted a webinar on its outlook for the MSME financing sector in India.
NBFCs gaining market share rapidly
18
92
82
FY12
FY17
Against overall system-wide credit growth of ~9% in the past 5 years, the MSME
lending book of banks and NBFCs grew at 13% CAGR to INR14tn currently. With a
more customer-centric, on-the-ground approach, NBFCs have achieved stronger
growth than banks with their MSME lending book growing at 32% CAGR vis-a-vis
10% for banks. Consequently, their market share increased from 8% in FY12 to 18%
in FY17.
Going forward, NBFCs are expected to grow this book at ~20% CAGR,
while that of banks should grow at ~9% CAGR.
LAP a key driver of MSME lending…
As is well known, LAP has been a focused product for several NBFCs over the past
few years, given large scalability potential, attractive margins and modest
delinquencies.
As a result, the LAP portfolio (for banks and NBFCs) grew at 26%
CAGR over FY12-17 as compared to 10% CAGR over the same time period for non-
LAP MSME financing.
It now accounts for 24% of overall MSME lending, compared
to 15% in FY12. For NBFCs alone, it accounts for 67% of the MSME lending book.
However, given increased competition, declining margins and lower demand post
demonetization and GST, the
LAP portfolio is expected to growth at 13-15% CAGR
over the next two years, reaching a size of ~INR4.2t by FY19.
Margins in LAP on the decline (%)
4-4.5
3.7-4.2
3.5-4
…but losing its sheen, of late
In the first half of the decade, NBFCs engaged in LAP enjoyed strong growth with
superior margins, and thus, very good return ratios. However, with increasing
competition over the years, attractiveness of the sector has somewhat faded.
As per
CRISIL, NIMs for NBFCs in LAP declined 30bp from 4-4.5% in FY16 to 3.7-4.2% in
FY17 and is expected to reduce another 20bp in FY18.
At the same time, given
increased delinquencies, GNPL ratio (2-year lagged) increased from 3.1% to 3.9%
over FY15-17. For the whole MSME portfolio of NBFCs, the GNPL ratio increased
from 2.9% to 6.1% over the same time period. Asset quality is expected to worsen in
the near term due to GST-related challenges faced by the unorganised sector.
FY16
FY17
FY18E
Mix for NBFCs – LAP is bulk of
MSME credit
MSME
Secured,
13%
Un-
secured ,
20%
Intense competition leading to moderation in underwriting standards
A key trend observed by CRISIL is that NBFCs have been migrating more towards
lower-ticket LAP due to better yields and lesser competition. Apart from this, there
have been some concerning trends of dilution in underwriting standards witnessed
over the past few quarters. For example, in order to maintain yields,
the share of
commercial properties taken as mortgage for LAP has increased.
Similarly, the
share of unsecured lending by NBFCs is on the rise.
While it currently stands at
20% of overall MSME lending, on an incremental basis, 35% of disbursements are
unsecured. In addition, there have been cases of 3-4 year loan tenures of unsecured
loans being given today (v/s average of 1-2 years). Also, as per CRISIL,
around 35-
40% of disbursements in LAP are balance transfer cases.
LAP, 67%
Research Analyst: Alpesh Mehta
(Alpesh.Mehta@MotilalOswal.com); +91 22 3982 5415
|
Piran Engineer
(Piran.Engineer@MotilalOswal.com); +91 22 3980 4393
Nitin Aggarwal
(Nitin.Aggarwal@MotilalOswal.com); +91 22 3982 5540
| Anirvan Sarkar
(Anirvan.Sarkar@MotilalOswal.com); +91 22 3982 5505
21 November 2017
1
Investors are advised to refer through important disclosures made at the last page of the Research Report.
Motilal Oswal research is available on www.motilaloswal.com/Institutional-Equities, Bloomberg, Thomson Reuters, Factset and S&P Capital.

Sector Update | Financials
GST to benefit the organized MSME sector
According to CRISIL, organized MSMEs will gain from GST driven by a) higher share
of funding from formal sources b) elimination of cascading effect of taxes and
efficiency in logistics c) availability of input tax credit for business overheads.
However, there would be some disadvantages too, such as a) Lower threshold limit
for tax exemption b) liable to pay taxes on procurement from unregistered suppliers
c) extension of working capital cycle due to mismatch in purchase and sales invoice
Our view - Marked impact seen in the performance of some NBFCs
Some of the above-mentioned facts have been seen in the numbers reported by
some NBFCs over the past few quarters. For example –
LAP margins of CIFC declined 70bp from 5.1% in FY16 to 4.4% in FY17,
and
remained unchanged YoY in 1HFY18. At the same time, the GNPL ratio increased
substantially from 3.4% in FY16 (120dpd) to 6% as of 1HFY18 (90dpd).
Growth in the LAP book slowed down significantly for both, BAF and CIFC.
BAF
was one of the first NBFCs to go slow on LAP – the size of its LAP book has been
largely stable since FY15. For CIFC, LAP book growth slowed down from 22% in
FY16 to 8% in FY17 and further to 1% in 1HFY18.
Share of unsecured loans in the overall loan book for SCUF
increased from 5%
in FY16 to 20% in FY17, implying that ~90% of incremental lending was
unsecured.
Commercial real estate exposure for PNBHF
almost tripled from INR46b in FY16
to INR114b in FY17 (share of CRE exposure increased from 17% in FY16 to 29%
in FY17).
21 November 2017
1

Sector Update | Financials
Story in charts
Exhibit 1:
Trend in overall MSME credit in India
MSME Credit (INR tn)
22
13
8
10.5
FY14
11.9
FY15
12.8
FY16
10
Growth (%)
10
7.8
FY12
8.6
FY13
14.1
FY17
Source: MOSL, CRISIL
Exhibit 2:
MSME financing for NBFCs faster than banks….
41
NBFCs (%)
37
33
Banks (%)
32
19
11
4
FY14
FY15
FY16
8
Exhibit 3:
… resulting in higher share for NBFCs (%)
Banks (%)
8
NBFC (%)
18
20
8
92
82
FY13
FY17
FY12
FY17
Source: MOSL, CRISIL
Source: MOSL, CRISIL
Exhibit 4:
MSME credit by NBFCs up 4x over FY12-17
MSME credit (INR b)
41
37
Growth (%)
Exhibit 5:
Bank MSME credit up 61% over FY12-17
MSME credit (INR t)
20
Growth (%)
33
32
19
11
8
4
8
624
FY12
880
FY13
1,205
FY14
1,603
FY15
2,116
FY16
2,518
FY17
7.2
FY12
7.8
FY13
9.3
FY14
10.3
FY15
10.7
FY16
11.6
FY17
Source: MOSL, CRISIL
Source: MOSL, CRISIL
21 November 2017
2

Sector Update | Financials
Exhibit 6:
LAP gaining share in MSME financing
Non-LAP MSME credit (%)
15
19
23
LAP credit (%)
24
Exhibit 7:
Margins in LAP on the decline (%)
4 - 4.5
3.7 - 4.2
3.5 - 4
85
81
77
76
FY13E
FY15E
FY17E
FY19P
Source: MOSL, CRISIL
FY16
FY17
FY18E
Source: MOSL, CRISIL
Exhibit 8:
Mix for NBFCs – LAP is bulk of MSME credit…
Exhibit 9:
… but unsecured financing growing fast (INR b)
510
Unsecured
loans, 20%
390
MSME
Secured (non
LAP), 13%
LAP, 67%
300
220
160
240
FY12
Source: MOSL, CRISIL
FY13
FY14
FY15
FY16
FY17
Source: MOSL, CRISIL
Exhibit 10:
GNPL ratio trend across segments (%)
9.5
8.2
5
2.9
6.1
10.5
FY15
FY16
FY17
3.1
3.3
3.9
Banks-MSME
NBFCs LAP (2yr lag)
NBFCs MSME (2yr lag)
Source: MOSL, CRISIL
21 November 2017
3

Sector Update | Financials
Valuation Matrix
Rating
66
ICICIBC*
HDFCB
AXSB
KMB*
YES
IIB
IDFC Bk
FB
DCBB
JKBK
SIB
Equitas
RBL
Private Aggregate
SBIN (cons)*
PNB
BOI
BOB
CBK
UNBK
OBC
INBK
Public Aggregate
Banks Aggregate
HDFC*
LICHF
IHFL
PNBHF
GRHF
REPCO
DEWH
Housing Finance
MMFS
BAF
CIFC
SCUF
LTFH
MUTH
CAFL
SKSM
Asset Finance
FY19E
Buy
Buy
Buy
Buy
Buy
Buy
Neutral
Buy
Neutral
Buy
Buy
Buy
Buy
Buy
Buy
Neutral
Buy
Neutral
Neutral
Neutral
Buy
CMP
(INR)
320
1,846
547
1,029
312
1,646
55
112
180
75
31
145
511
331
186
202
181
392
168
128
410
Mcap
(USDb)
31.4
72.5
20.1
29.3
11.0
15.2
2.9
3.0
0.9
0.6
0.7
0.8
3.0
44.3
6.1
3.3
6.6
3.3
1.8
0.7
3.1
EPS (INR)
FY18E
13.6
68.7
18.4
32.1
17.8
60.9
2.8
5.5
8.5
4.1
1.9
1.7
16.4
14.6
8.5
3.2
17.9
16.1
-13.5
17.1
36.7
FY19E
17.0
84.7
30.8
41.6
23.3
78.6
3.2
6.6
10.5
8.7
3.8
5.7
23.0
26.8
13.5
9.2
22.6
30.3
6.0
21.4
44.0
P/E (x)
FY18E
17.0
26.9
29.7
32.1
17.5
27.0
19.7
20.2
21.1
18.2
16.9
83.9
31.3
20.5
21.8
63.4
10.1
24.3
-12.4
7.5
11.2
FY19E
12.7
21.8
17.8
24.8
13.4
20.9
17.0
16.8
17.2
8.7
8.4
25.3
22.2
11.0
13.8
21.9
8.0
12.9
28.2
6.0
9.3
P/BV (x)
FY18E
1.79
4.84
2.04
4.43
2.84
4.26
1.21
1.77
2.14
0.72
1.16
2.15
3.22
1.31
1.00
0.95
1.08
0.81
0.59
0.33
1.24
FY19E
1.55
4.10
1.83
3.78
2.41
3.63
1.15
1.62
1.92
0.67
1.05
2.00
2.87
1.19
0.94
0.93
0.99
0.77
0.58
0.32
1.13
RoA (%)
FY18E
1.07
1.86
0.71
1.77
1.70
1.82
0.74
0.81
0.98
0.27
0.42
0.59
1.22
0.36
0.25
0.06
0.37
0.16
-0.21
0.22
0.76
FY19E
1.20
1.92
1.07
1.95
1.82
1.89
0.71
0.86
1.00
0.51
0.75
1.57
1.32
0.60
0.36
0.16
0.52
0.26
0.08
0.26
0.82
RoE (%)
FY18E
8.8
18.8
7.3
14.8
17.3
16.9
6.3
9.6
11.5
4.0
6.7
2.6
12.4
7.0
4.7
1.5
6.4
3.4
-4.7
4.6
11.6
FY19E
10.5
20.4
10.8
16.5
19.5
19.0
6.9
10.0
11.8
8.0
12.6
8.2
13.7
11.4
7.1
4.3
9.4
6.1
2.1
5.4
12.7
Buy
Neutral
Buy
Buy
Neutral
Buy
Buy
Buy
Buy
Buy
Buy
Buy
Neutral
Buy
Under Review
1,692
601
1,177
1,386
503
617
622
437
1,806
1,294
2,055
179
452
707
974
41.0
4.7
7.8
3.5
2.8
0.6
3.1
3.8
16.0
3.1
2.1
5.3
2.8
1.1
2.1
41.4
41.0
83.6
52.5
9.9
36.0
37.6
14.2
45.7
59.2
115.6
6.9
42.6
32.8
30.3
47.2
46.5
105.1
66.5
12.0
41.9
46.0
19.1
63.7
70.4
145.3
10.4
42.0
43.7
47.2
23.5
14.7
14.1
26.4
50.9
17.2
16.5
30.9
39.5
21.9
17.8
25.8
10.6
21.6
32.2
18.2
12.9
11.2
20.8
41.7
14.7
13.5
22.9
28.3
18.4
14.2
17.2
10.8
16.2
20.6
4.27
2.38
3.67
3.74
15.18
2.84
2.21
3.55
6.34
3.95
2.40
3.54
2.31
2.68
4.46
3.01
2.08
3.23
3.27
12.45
2.38
1.94
3.25
5.32
3.32
2.11
3.01
1.99
2.33
3.59
1.85
1.42
3.16
1.66
2.40
2.31
1.23
1.75
3.45
3.03
3.25
1.60
5.41
1.73
3.24
1.85
1.42
3.09
1.51
2.40
2.30
1.28
2.01
3.55
3.09
3.61
2.06
4.96
1.84
3.43
19.3
17.4
27.6
15.0
32.8
18.0
14.1
11.9
20.2
19.6
14.3
14.9
23.8
13.2
15.3
18.6
17.2
30.7
16.7
32.8
17.6
15.3
14.8
20.4
19.6
15.9
18.9
19.9
15.4
19.3
21 November 2017
4

Disclosures:
The following Disclosures are being made in compliance with the SEBI Research Analyst Regulations 2014 (herein after referred to as the Regulations).
Motilal Oswal Securities Ltd. (MOSL) is a SEBI Registered Research Analyst having registration no. INH000000412. MOSL, the Research Entity (RE) as defined in the Regulations, is engaged in the business of providing Stock
broking services, Investment Advisory Services, Depository participant services & distribution of various financial products. MOSL is a subsidiary company of Motilal Oswal Financial Service Ltd. (MOFSL). MOFSL is a listed
public company, the details in respect of which are available on www.motilaloswal.com. MOSL is registered with the Securities & Exchange Board of India (SEBI) and is a registered Trading Member with National Stock
Exchange of India Ltd. (NSE) and Bombay Stock Exchange Limited (BSE), Metropolitan Stock Exchange Of India Ltd. (MSE) for its stock broking activities & is Depository participant with Central Depository Services Limited
(CDSL) & National Securities Depository Limited (NSDL) and is member of Association of Mutual Funds of India (AMFI) for distribution of financial products. Details of associate entities of Motilal Oswal Securities Limited are
available on the website at http://onlinereports.motilaloswal.com/Dormant/documents/Associate%20Details.pdf
Pending Regulatory Enquiries against Motilal Oswal Securities Limited by SEBI:
SEBI pursuant to a complaint from client Shri C.R. Mohanraj alleging unauthorized trading, issued a letter dated 29th April 2014 to MOSL notifying appointment of an Adjudicating Officer as per SEBI regulations to hold
inquiry and adjudge violation of SEBI Regulations; MOSL requested SEBI to provide all documents, records, investigation report relied upon by SEBI which were referred in Show Cause Notice and also sought personal
hearing. The matter is currently pending.
MOSL, it’s associates, Research Analyst or their relative may have any financial interest in the subject company. MOSL and/or its associates and/or Research Analyst may have beneficial ownership of 1% or more securities in
the subject company at the end of the month immediately preceding the date of publication of the Research Report. MOSL and its associate company(ies), their directors and Research Analyst and their relatives may; (a) from
time to time, have a long or short position in, act as principal in, and buy or sell the securities or derivatives thereof of companies mentioned herein. (b) be engaged in any other transaction involving such securities and earn
brokerage or other compensation or act as a market maker in the financial instruments of the company(ies) discussed herein or act as an advisor or lender/borrower to such company(ies) or may have any other potential
conflict of interests with respect to any recommendation and other related information and opinions.; however the same shall have no bearing whatsoever on the specific recommendations made by the analyst(s), as the
recommendations made by the analyst(s) are completely independent of the views of the associates of MOSL even though there might exist an inherent conflict of interest in some of the stocks mentioned in the research
report. Research Analyst may have served as director/officer, etc. in the subject company in the last 12 month period. MOSL and/or its associates may have received any compensation from the subject company in the past
12 months.
In the last 12 months period ending on the last day of the month immediately preceding the date of publication of this research report, MOSL or any of its associates may have:
a)
managed or co-managed public offering of securities from subject company of this research report,
b)
received compensation for investment banking or merchant banking or brokerage services from subject company of this research report,
c)
received compensation for products or services other than investment banking or merchant banking or brokerage services from the subject company of this research report.
d)
Subject Company may have been a client of MOSL or its associates during twelve months preceding the date of distribution of the research report.
MOSL and it’s associates have not received any compensation or other benefits from the subject company or third party in connection with the research report. To enhance transparency, MOSL has incorporated a Disclosure
of Interest Statement in this document. This should, however, not be treated as endorsement of the views expressed in the report. MOSL and / or its affiliates do and seek to do business including investment banking with
companies covered in its research reports. As a result, the recipients of this report should be aware that MOSL may have a potential conflict of interest that may affect the objectivity of this report. Compensation of Research
Analysts is not based on any specific merchant banking, investment banking or brokerage service transactions.
Terms & Conditions:
This report has been prepared by MOSL and is meant for sole use by the recipient and not for circulation. The report and information contained herein is strictly confidential and may not be altered in any way, transmitted to,
copied or distributed, in part or in whole, to any other person or to the media or reproduced in any form, without prior written consent of MOSL. The report is based on the facts, figures and information that are considered
true, correct, reliable and accurate. The intent of this report is not recommendatory in nature. The information is obtained from publicly available media or other sources believed to be reliable. Such information has not
been independently verified and no guaranty, representation of warranty, express or implied, is made as to its accuracy, completeness or correctness. All such information and opinions are subject to change without notice.
The report is prepared solely for informational purpose and does not constitute an offer document or solicitation of offer to buy or sell or subscribe for securities or other financial instruments for the clients. Though
disseminated to all the customers simultaneously, not all customers may receive this report at the same time. MOSL will not treat recipients as customers by virtue of their receiving this report.
Analyst Certification
The views expressed in this research report accurately reflect the personal views of the analyst(s) about the subject securities or issues, and no part of the compensation of the research analyst(s) was, is, or will be directly or
indirectly related to the specific recommendations and views expressed by research analyst(s) in this report.
Sector Update | Financials
Disclosure of Interest Statement
Analyst ownership of the stock
Companies where there is interest
No
A graph of daily closing prices of securities is available at www.nseindia.com, www.bseindia.com. Research Analyst views on Subject Company may vary based on Fundamental research and Technical Research. Proprietary
trading desk of MOSL or its associates maintains arm’s length distance with Research Team as all the activities are segregated from MOSL research activity and therefore it can have an independent view with regards to
subject company for which Research Team have expressed their views.
Regional Disclosures (outside India)
This report is not directed or intended for distribution to or use by any person or entity resident in a state, country or any jurisdiction, where such distribution, publication, availability or use would be contrary to law,
regulation or which would subject MOSL & its group companies to registration or licensing requirements within such jurisdictions.
For Hong Kong:
This report is distributed in Hong Kong by Motilal Oswal capital Markets (Hong Kong) Private Limited, a licensed corporation (CE AYY-301) licensed and regulated by the Hong Kong Securities and Futures Commission (SFC)
pursuant to the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong) “SFO”. As per SEBI (Research Analyst Regulations) 2014 Motilal Oswal Securities (SEBI Reg No. INH000000412) has an agreement with
Motilal Oswal capital Markets (Hong Kong) Private Limited for distribution of research report in Hong Kong. This report is intended for distribution only to “Professional Investors” as defined in Part I of Schedule 1 to SFO. Any
investment or investment activity to which this document relates is only available to professional investor and will be engaged only with professional investors.” Nothing here is an offer or solicitation of these securities,
products and services in any jurisdiction where their offer or sale is not qualified or exempt from registration. The Indian Analyst(s) who compile this report is/are not located in Hong Kong & are not conducting Research
Analysis in Hong Kong.
For U.S.
Motilal Oswal Securities Limited (MOSL) is not a registered broker - dealer under the U.S. Securities Exchange Act of 1934, as amended (the"1934 act") and under applicable state laws in the United States. In addition MOSL is
not a registered investment adviser under the U.S. Investment Advisers Act of 1940, as amended (the "Advisers Act" and together with the 1934 Act, the "Acts), and under applicable state laws in the United States.
Accordingly, in the absence of specific exemption under the Acts, any brokerage and investment services provided by MOSL, including the products and services described herein are not available to or intended for U.S.
persons. This report is intended for distribution only to "Major Institutional Investors" as defined by Rule 15a-6(b)(4) of the Exchange Act and interpretations thereof by SEC (henceforth referred to as "major institutional
investors"). This document must not be acted on or relied on by persons who are not major institutional investors. Any investment or investment activity to which this document relates is only available to major institutional
investors and will be engaged in only with major institutional investors. In reliance on the exemption from registration provided by Rule 15a-6 of the U.S. Securities Exchange Act of 1934, as amended (the "Exchange Act") and
interpretations thereof by the U.S. Securities and Exchange Commission ("SEC") in order to conduct business with Institutional Investors based in the U.S., MOSL has entered into a chaperoning agreement with a U.S.
registered broker-dealer, Motilal Oswal Securities International Private Limited. ("MOSIPL"). Any business interaction pursuant to this report will have to be executed within the provisions of this chaperoning agreement.
The Research Analysts contributing to the report may not be registered /qualified as research analyst with FINRA. Such research analyst may not be associated persons of the U.S. registered broker-dealer, MOSIPL, and
therefore, may not be subject to NASD rule 2711 and NYSE Rule 472 restrictions on communication with a subject company, public appearances and trading securities held by a research analyst account.
For Singapore
Motilal Oswal Capital Markets Singapore Pte Limited is acting as an exempt financial advisor under section 23(1)(f) of the Financial Advisers Act(FAA) read with regulation 17(1)(d) of the Financial Advisors Regulations and is a
subsidiary of Motilal Oswal Securities Limited in India. This research is distributed in Singapore by Motilal Oswal Capital Markets Singapore Pte Limited and it is only directed in Singapore to accredited investors, as defined in
the Financial Advisers Regulations and the Securities and Futures Act (Chapter 289), as amended from time to time. In respect of any matter arising from or in connection with the research you could contact the following
representatives of Motilal Oswal Capital Markets Singapore Pte Limited:
Disclaimer:
The report and information contained herein is strictly confidential and meant solely for the selected recipient and may not be altered in any way, transmitted to, copied or distributed, in part or in whole, to any other person
or to the media or reproduced in any form, without prior written consent. This report and information herein is solely for informational purpose and may not be used or considered as an offer document or solicitation of
offer to buy or sell or subscribe for securities or other financial instruments. Nothing in this report constitutes investment, legal, accounting and tax advice or a representation that any investment or strategy is suitable or
appropriate to your specific circumstances. The securities discussed and opinions expressed in this report may not be suitable for all investors, who must make their own investment decisions, based on their own investment
objectives, financial positions and needs of specific recipient. This may not be taken in substitution for the exercise of independent judgment by any recipient. Each recipient of this document should make such investigations
as it deems necessary to arrive at an independent evaluation of an investment in the securities of companies referred to in this document (including the merits and risks involved), and should consult its own advisors to
determine the merits and risks of such an investment. The investment discussed or views expressed may not be suitable for all investors. Certain transactions -including those involving futures, options, another derivative
products as well as non-investment grade securities - involve substantial risk and are not suitable for all investors. No representation or warranty, express or implied, is made as to the accuracy, completeness or fairness of
the information and opinions contained in this document. The Disclosures of Interest Statement incorporated in this document is provided solely to enhance the transparency and should not be treated as endorsement of the
views expressed in the report. This information is subject to change without any prior notice. The Company reserves the right to make modifications and alternations to this statement as may be required from time to time
without any prior approval. MOSL, its associates, their directors and the employees may from time to time, effect or have effected an own account transaction in, or deal as principal or agent in or for the securities
mentioned in this document. They may perform or seek to perform investment banking or other services for, or solicit investment banking or other business from, any company referred to in this report. Each of these entities
functions as a separate, distinct and independent of each other. The recipient should take this into account before interpreting the document. This report has been prepared on the basis of information that is already
available in publicly accessible media or developed through analysis of MOSL. The views expressed are those of the analyst, and the Company may or may not subscribe to all the views expressed therein. This document is
being supplied to you solely for your information and may not be reproduced, redistributed or passed on, directly or indirectly, to any other person or published, copied, in whole or in part, for any purpose. This report is not
directed or intended for distribution to, or use by, any person or entity who is a citizen or resident of or located in any locality, state, country or other jurisdiction, where such distribution, publication, availability or use would
be contrary to law, regulation or which would subject MOSL to any registration or licensing requirement within such jurisdiction. The securities described herein may or may not be eligible for sale in all jurisdictions or to
certain category of investors. Persons in whose possession this document may come are required to inform themselves of and to observe such restriction. Neither the Firm, not its directors, employees, agents or
representatives shall be liable for any damages whether direct or indirect, incidental, special or consequential including lost revenue or lost profits that may arise from or in connection with the use of the information. The
person accessing this information specifically agrees to exempt MOSL or any of its affiliates or employees from, any and all responsibility/liability arising from such misuse and agrees not to hold MOSL or any of its affiliates or
employees responsible for any such misuse and further agrees to hold MOSL or any of its affiliates or employees free and harmless from all losses, costs, damages, expenses that may be suffered by the person accessing this
information due to any errors and delays.
Registered Office Address: Motilal Oswal Tower, Rahimtullah Sayani Road, Opposite Parel ST Depot, Prabhadevi, Mumbai-400025; Tel No.: 022-3980 4263; www.motilaloswal.com. Correspondence Address: Palm Spring
Centre, 2nd Floor, Palm Court Complex, New Link Road, Malad (West), Mumbai- 400 064. Tel No: 022 3080 1000. Compliance Officer: Neeraj Agarwal, Email Id: na@motilaloswal.com, Contact No.:022-30801085.
Registration details of group entities.: MOSL: SEBI Registration: INZ000158836; CDSL: IN-DP-16-2015; NSDL: IN-DP-NSDL-152-2000; Research Analyst: INH000000412. AMFI: ARN 17397. Investment Adviser: INA000007100.
Motilal Oswal Asset Management Company Ltd. (MOAMC): PMS (Registration No.: INP000000670) offers PMS and Mutual Funds products. Motilal Oswal Wealth Management Ltd. (MOWML): PMS (Registration No.:
INP000004409) offers wealth management solutions. *Motilal Oswal Securities Ltd. is a distributor of Mutual Funds, PMS, Fixed Deposit, Bond, NCDs, Insurance and IPO products. * Motilal Oswal Commodities Broker Pvt. Ltd.
offers Commodities Products. * Motilal Oswal Real Estate Investment Advisors II Pvt. Ltd. offers Real Estate products. * Motilal Oswal Private Equity Investment Advisors Pvt. Ltd. offers Private Equity products
21 November 2017
5